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President signs JOBS bill

This article was originally published in The Tan Sheet

Executive Summary

Multinational pharma, dietary supplement and nutritional product manufacturers will pay a reduced tax rate for repatriated foreign earnings after President Bush signed the legislation into law on Oct. 22. The bill cuts the repatriation tax rate from 35% to 5.25%, giving firms an incentive to repatriate earnings in the U.S. (1"The Tan Sheet" Oct. 18, 2004, p. 7). In an Oct. 29 earnings call, Schering-Plough CFO Bob Bertolini called the legislation "a very positive development" that will provide added financial flexibility, but noted it is "too early" to speculate how much of the firm's $9 bil. in undistributed foreign earnings will be repatriated...

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